Tag: USA

President Donald Trump of the United States said on Sunday that reciprocal tariffs he is set to announce this week would affect all nations, and not just a smaller group of 10 to 15 countries with the biggest trade imbalances.

U.S. President Donald Trump threatened to impose “far larger” tariffs on the European Union (EU) and Canada if they work together to combat trade tariffs.

Some 224,000 people who lost their jobs applied last week for unemployment benefits, a very low number that suggests the U.S. labor market is still in good shape even as trade wars reverberate through the economy.

The U.S. economy expanded at a healthy annual 2.4% pace the last three months of 2024, supported by a year-end surge in consumer spending, the government said Thursday in a slight upgrade of its previous estimate of fourth-quarter growth.

Donald Trump’s 25% auto tariff announcement late on Wednesday ripped across world stock markets overnight, but Wall Street futures held the line ahead of today’s bell as investors questioned just how much more tariff pain is coming next week.

Oil prices edged higher on Wednesday as concerns about tighter global supply grew following the U.S. threat of tariffs on nations buying Venezuelan crude, along with a larger-than-expected drop in U.S. crude inventories.

India is open to cutting tariffs on more than half of U.S. imports worth $23 billion in the first phase of a trade deal the two nations are negotiating, two government sources said, the biggest cut in years, aimed at fending off reciprocal tariffs.

Trade of Venezuelan oil to top buyer China stalled on Tuesday after U.S. President Donald Trump’s order threatening tariffs on countries buying from Caracas created fresh uncertainty, days after U.S. sanctions targeting China’s imports from Iran.

Iranian oil shipments into China are set to fall in the near-term after new U.S. sanctions on a refiner and tankers, driving up shipping costs, but traders said they expect buyers to find workarounds to keep at least some volumes flowing.

In recent economic news, the number of initial jobless claims has seen a slight uptick, as reported by the most recent U.S. economic data. The actual number of individuals who filed for unemployment insurance for the first time during the past week was 223K. This figure, while exhibiting a small rise, fell just short of the forecasted number of 224K. 

The average US 30-year mortgage rate rose for the first time since early January, causing a pullback in refinancing and tempering purchase activity.

Russia’s oil exports remained near a four-month high ahead of talks between President Vladimir Putin and US counterpart Donald Trump aimed at bringing a halt to the war in Ukraine.

US retail sales rose by less than forecast in February and the prior month was revised lower, adding to concerns of a pullback in consumer spending.

Oil advanced as the US tightened sanctions against Iran and Russia, countering some of the slump triggered by a dour demand forecast from the International Energy Agency on Thursday.

The number of Americans filing new applications for unemployment benefits fell last week, but sharp government spending cuts and an escalating trade war threaten labor market stability.

Wholesale prices were flat in February providing some more welcome news for inflation amid tariff fears, the Bureau of Labor Statistics reported Thursday.

President Donald Trump on Thursday threatened to impose a massive tariff on European alcohol in response to the European Union’s retaliation against his steel and aluminum tariffs – a tit-for-tat escalation of a trade war that could easily get out of hand.

The European Union will impose counter tariffs on 26 billion euros ($28 billion) worth of U.S. goods from next month, the European Commission said on Wednesday, ramping up a global trade war in response to blanket U.S. tariffs on steel and aluminium.

President Donald Trump imposed sweeping 25% tariffs on all steel and aluminum imported into the United States Wednesday, a policy aimed at leveling the playing field for US manufacturing but a move that threatens to drive up prices on a broad range of consumer and industrial goods for Americans.

Canada will announce C$29.8 bln in retaliatory tariffs on the United States on Wednesday in response to U.S. President Donald Trump’s steel and aluminum tariffs, a Canadian official said.